{"id":24987,"date":"2019-01-08T13:14:40","date_gmt":"2019-01-08T18:14:40","guid":{"rendered":"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/?p=24987"},"modified":"2019-01-08T13:14:40","modified_gmt":"2019-01-08T18:14:40","slug":"panama-canal-expansions-impact-south-florida-industrial-market","status":"publish","type":"post","link":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/panama-canal-expansions-impact-south-florida-industrial-market\/","title":{"rendered":"Panama Canal expansion\u2019s impact on South Florida industrial market"},"content":{"rendered":"

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The Panama Canal expansion, which began commercial operation in 2016, has added a wider traffic lane and doubled its capacity to accommodate large container ships. These ships carry over 13,000 TEUs and some exceed 22,000 TEUs. Because of the influx in large ships, seaports across the globe are experiencing bottlenecks, customs delays and the need for bigger cranes. Many ports, including PortMiami, have undergone improvement projects to better accommodate the ships.<\/p>\n

Recent infrastructure improvements totaling over $1.0 billion at PortMiami offer shippers a strategic location equipped to handle vessels requiring deeper channels up to a 52-foot depth. The Port has hosted more than 250 Post-Panamax vessels that could not have called without the deep dredge project or without the acquisition of new Super Post-Panamax cranes. PortMiami, in collaboration with its cruise and cargo partners, posted a record year in 2018.<\/p>\n

With its enhanced capacity for larger ships, South Florida has emerged as a leader in the new global era and the region\u2019s ports have had a positive impact on the booming industrial market, which is poised to continue for at least the next few years.<\/p>\n

Effects on South Florida\u2019s industrial market<\/h3>\n

Since the recovery from the Great Recession, the completion of the Panama Canal expansion and recent capital improvements, PortMiami has experienced a 14.4 percent increase in container volume while Port Everglades saw a similar rise of 14 percent in 2017. South Florida\u2019s strong ties to Latin America and the Caribbean, coupled with having the closest East Coast ports to the Panama Canal, has been a huge boon for the region\u2019s industrial market.<\/p>\n

Miami\u2019s vacancy rate of 4 percent at the close of Q4 2018 is tied with Broward County for the lowest in Florida despite the addition of more than 13.3 million square feet of new inventory since 2011. More than 2.8 million square feet remains under construction with 94 percent available to lease.<\/p>\n<\/div>\n<\/div>\n

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